Last week I toured the mansion for sale at 4801 S Ellis Ave in Chicago’s Hyde Park – Kenwood Historic District. The home was designed by Chicago architect Horatio Wilson. Wilson built a home for himself just one block to the south of 4801 S Ellis.

4801 S Ellis Ave, Chicago, IL 60615

There are 4 levels including a basement in this 8,800 SF home built in 1908. It has 6 bedrooms, 6 full bathrooms and 3 half bathrooms. There’s an attached 4 car garage. When I toured 4801 S Ellis Ave I noticed 5 features that make it stand out from other Chicago mansions for sale.

1. A huge gardening room on the first floor with French doors to the back yard.
2. 2 stairways, 1 of them surrounds a large dumbwaiter
3. Beautifully preserved original woodwork
4. A large climate-controlled wine cellar
5. A huge 1/2 acre lot

The lot which is the size of 7 standard Chicago lots includes a play area, large terrace and gardens. It also has an outdoor fireplace and irrigation system.

4801 S Ellis Ave was renovated after its purchase in 2004. It’s a good example of how to incorporate modern amenities into a vintage home.

The mansion is located less than 4 blocks from President Obama’s home in Chicago. It’s 6 blocks from the Metra Electric Line 47th Street Station. 4801 S Ellis Ave is 10 blocks north of the University of Chicago.

4801 S ELLIS AVE, CHICAGO, IL 60615 WALK SCORE MAP

4801 S Ellis Ave, Chicago, IL 60615 Walk Score Map for RSS & Mobile

4801 S Ellis Ave has some Hollywood connections. According to the seller’s agent, the home was featured in the 1996 movie “Chain Reaction” with Keanu Reaves.

For more details and photos see 4801 S Ellis Ave.

CHICAGO MANSIONS FOR SALE

The inventory of listed downtown Chicago apartments for sale continues to fall.^* There were 2,324 apartments for sale in downtown Chicago in the first quarter down 27.2% from first quarter 2012 when there were 3,194 apartments for sale. The inventory of downtown Chicago apartments for sale is down over 57% from first quarter 2010.

The largest quarterly year over year percentage drop in the inventory of downtown Chicago apartments for sale was the previous quarter, 4th quarter 2012. The inventory dropped 29.2%.

Quarterly Downtown Chicago Apartment Statistics Q1 2010 - Q1 2013

Downtown Chicago buildings that still have several apartments for sale include Trump Tower, The Regatta and 600 N Lake Shore Drive. There are at least a dozen apartments for sale in each of these buildings.

The downtown Chicago apartment median sale price in the first quarter rose 10.3% to $320,000. The number of closed sales was up 9%. Pending sales were up 18%.

WHAT THIS MEANS FOR DOWNTOWN CHICAGO APARTMENT BUYERS

The buyers market is over. You need to be ready to buy when you find an apartment you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring apartments. Email me for recommended mortgage consultants! If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. Own a part of downtown Chicago! Email me to get started!

WHAT THIS MEANS FOR DOWNTOWN CHICAGO APARTMENT SELLERS

I wouldn’t call it a sellers market yet, but we’re headed in the right direction. The average days on market in the 1st quarter was down a whopping 38.3%! It took an average of 117 days for downtown Chicago apartments to sell in the first quarter. They still have to be priced competitively. Email me for a free market analysis.

DOWNTOWN CHICAGO APARTMENTS FOR SALE

Click below to see the downtown Chicago apartments for sale in your desired price range. You can narrow the results by internal and external features. Pending sales are excluded.

$3M & Above	$2M to $3M	$1.5M to $2M	$1M to $1.5M
$900K to $1M	$800K to $900K	$700K to $800K	$600K to $700K
$500K to $600K	$400K to $500K	$300K to $400K	$200K to $300K

FOR MORE INFORMATION

^* includes condos, co-ops & other forms of ownership

2800 N Lake Shore Drive

THE LOCATION

2800 N Lake Shore Drive is located on the inner drive between Oakdale and Diversey, one block west of Lincoln Park in East Lakeview. The building currently has a Walk Score of 80 and a Transit Score of 71. The Red, Purple and Brown Lines are less than 1 mile away just east of Belmont and Sheffield. See its interactive Walk Score Map below.

THE BUILDING

The building was built in 1969 and houses 655 condos within its 43 stories. There is an average of 17 units per floor. It is a full service condo building with door person staff, maintenance staff and receiving room. The amenities include: an outdoor pool & sundeck, clubhouse and exercise room. There is a coin laundry, valet cleaners and a tailor on premise. There is garage parking with lease prices ranging from $165 to $195 per month. Igo cars are available at the building and residents get a discount on membership. Along with the other amenities the monthly assessments include heat, gas, central air, water, and TV/Cable. RCN is the cable provider.
No pets allowed.

2800 Lake Shore Lobby

THE CONDOS

The units have large windows. Many if the units have beautiful views of the lake and park. Cooking appliances are gas. Washers & dryers are not allowed. The most recent sale at 2800 N Lake Shore Drive was unit 2517, a 2 bedroom that sold for $385,000 in May 2013. The unit has great park and lake views.

2800 N Lake Shore Drive, CHICAGO, IL 60657 WALK SCORE MAP

2800 N Lake Shore Drive, Chicago, IL 60657 Walk Score Map for RSS & Mobile

CONDOS SIMILAR TO 2800 N Lake Shore Drive

ALL CONDOS FOR SALE AT 2800 N LAKE SHORE DRIVE, CHICAGO, IL 60657
CHECK BACK FOR NEW LISTINGS

EAST LAKEVIEW CONDOS FOR SALE

Click below to see the East Lakeview condos for sale in your desired price range. You can narrow the results by internal and external features. Pending sales are excluded.

$1M & Above	$800K to $1M	$700K to $800K	$600K to $700K
$500K to $600K	$400K to $500K	$300K to $400K	$200K to $300K

FOR MORE INFORMATION

The inventory of listed Chicago 1 bedroom condos for sale continues to plummet.^* There were 2,258 1 bedroom condos for sale in Chicago in the first quarter down 30.6% from first quarter 2012 when there were 3,255 1 bedroom condos for sale.

The downtown 1 bedroom condo market was especially strong. In April I wrote about how the downtown Chicago inventory was down over 1/3 and sales were up over 1/3.

Chicago 1 Bedroom Condos For Sale, Pending and Sold Q1 2010 - Q1 2013

The number of 1 bedroom condos sold in the 1st quarter rose 14.5%. Pending sales were up 25.7%. The median sale price rose 12.6% to $159,950.

WHAT THIS MEANS FOR CHICAGO 1 BEDROOM CONDO BUYERS

Lower inventory, rising prices, rising sales and rising pending sales signal that the buyers market is over. You need to be ready to buy when you find a condo you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring condos. If you’re paying cash, get a proof of funds letter ready to go.

WHAT THIS MEANS FOR CHICAGO 1 BEDROOM CONDO SELLERS

There’s been a lot of press lately about flash (quick) sales in some Chicago neighborhoods. This has significantly lowered the average time it takes 1 bedroom condos to sell. The average days on market in the 1st quarter was down a whopping 43.6%! It took an average of 101 days for 1 bedroom condos to sell compared to 179 days a year ago. Condos still have to be priced competitively. If your condo is priced right when it goes on market, it will sell in a reasonable amount of time. If you’re considering selling your condo, email me for a free market analysis.

CHICAGO 1 BEDROOM CONDOS FOR SALE

Click below to see the Chicago 1 bedroom condos for sale in your desired price range. You can narrow the results by internal and external features. Pending sales are excluded.

$1M & Above	$800K to $1M	$600K to $800K	$500K to $600K
$400K to $500K	$300K to $400K	$200K to $300K	$100K to $200K

DOWNTOWN CHICAGO 1 BEDROOM CONDOS FOR SALE

Click below to see the Chicago 1 bedroom condos for sale in your desired price range. You can narrow the results by internal and external features. Pending sales are excluded.

$1M & Above	$800K to $1M	$600K to $800K	$500K to $600K
$400K to $500K	$300K to $400K	$200K to $300K	$100K to $200K

FOR MORE INFORMATION

^* includes co-ops, lofts, apartments and townhomes

200 E Delaware has over 200 units. None are currently listed for sale.

Downtown Chicago’s inventory of condos for sale is still dropping. As of this morning there are 10 condo and co-op apartment buildings that have zero units listed for sale. The buildings have at least 13 units and one has over 200!

• 1210 N Astor
• 1035 N Dearborn
• 200 E Delaware
• 333 W Hubbard
• 189 E Lake Shore Drive (a co-op)
• 199 E Lake Shore Drive (a co-op)
• 1418 N Lake Shore Drive
• 250 E Pearson
• 270 E Pearson
• 1300 N State

If you own a unit in one of these buildings and are considering selling, email me for a free market analysis!

Take advantage of no competition in your building!

Only 5 listed ultra-luxury Chicago homes were sold in the 1st quarter down 44.4% from 1st quarter 2012.^* It was the lowest number of homes sold for $3,000,000 or higher in the past several years. Back in the first quarter of 2008 there were 29 such homes sold.

The drop in ultra-luxury home sales was in contrast to all luxury home sales. In April I reported that Chicago luxury home sales for the first quarter were up 29.7% from a year earlier.

Quarterly Chicago Ultra-Luxury Homes Sold Q1 2010 - Q1 2013

There were 130 Chicago ultra-luxury homes for sale compared with 145 a year earlier. That was a drop of only 10.3% far less than the 23% drop for all luxury homes. There were no distressed sales (short sales and foreclosures).

Chicago ultra-luxury home pending sales were up 33.3%. The average days on market spiked up 79.8%.

WHAT THIS MEANS FOR CHICAGO ULTRA-LUXURY HOME BUYERS

Sales may have been slow in the first quarter, but that won’t be the case this quarter! There are already 33 sold or pending ultra-luxury sales. The buyers market is over.

WHAT THIS MEANS FOR CHICAGO ULTRA-LUXURY HOME SELLERS

Don’t expect that you’ll get more for your home now. It’s not a sellers market yet. As always, if your home is priced right when it goes on market, it will sell in a reasonable amount of time. However, ultra-luxury homes do take significantly longer to sell on average than lower priced homes since there is such a small market for them. The average days on market for ultra-luxury homes in the 1st quarter was 547 days. For all Chicago homes it was only an average of 119 days. If you’re considering selling your home, email me for a free market analysis.

CHICAGO ULTRA-LUXURY HOMES FOR SALE

Click below to see Chicago ultra-luxury homes for sale by price range. You can narrow the results by internal and external features. Pending sales are excluded.

$5M+

$4M - $5M

$3M - $4M

FOR MORE INFORMATION

^*based on MRED (Midwest Real Estate Data)

Lake Point Tower - 505 N Lake Shore Drive in Streeterville

Prices for 3 bedroom condos for sale in Streeterville may start at only $300,000, but over half of them are priced above $1,000,000. In 2012 the median sale price was $795,000. In 2011 and 2010 it was $985,000 and $975,000.^*

The number of choices of Streeterville 3 bedroom condos has plummeted over the past few years. At the end of 2012 there were only 271 such condos for sale compared with 629 at the end of 2008. That’s a drop of 57%! If you’re considering selling your Streeterville 3 bedroom condo, email me for a free market analysis.

Sizes of Streeterville 3 bedroom condos range from a tiny 1,200 SF to a median size of around 2,500 SF to 5,000 SF or more. Styles range from vintage to mid-century to contemporary.

There are actually more 3 bedroom condos for sale in Streeterville with 3 or more bathrooms than there are with 2 or 2 1/2 bathrooms. In the $1,500,000 and above price range expect a minimum of 3 full bathrooms.

Besides having more space than 1 and 2 bedroom condos Streeterville’s 3 bedroom condos typically have the preferred views for a building. At 600 N Lake Shore Drive only the 3 bedroom condos look out directly over the lake.

3 BEDROOM CONDOS FOR SALE IN STREETERVILLE

Click below to see Streeterville 3 bedroom condos for sale by price range. You can narrow the results by internal and external features. Pending sales are excluded.

$3M+	$2M - $3M	$1.5M- $2M	$1M - $1.5M
$900K - $1M	$800K - $900K	$700K - $800K	$700K & below

FOR MORE INFORMATION

^* based on Midwest Real Estate Data (MRED); includes co-ops, apartments, lofts & townhouses

In the first quarter there were no sales of listed mansions in Chicago.^* For the past 3 years there have been an average of 3 houses sold quarterly in Chicago with a minimum of 8,000 SF. One mansion sale was recorded in error. It was a bungalow with the wrong square footage.

The number of Chicago mansions for sale was down 35.3%. 33 such homes were for sale down from 51 a year earlier. The inventory of mansions for sale in the first quarter was a new low for the past 3 years.

Back in August I wrote about how inventory levels for Chicago mansions had been rising. In the second quarter of 2012 there were 52 mansions for sale. That changed in the 3rd quarter of 2012 when the number of listed Chicago mansions for sale dropped 13.3% from a year earlier. In the 4th quarter the drop was 23.1%. Above average sales in both of those quarters helped lower mansion inventory.

Chicago Mansions Sold Q1 2010 - Q1 2013

WHAT THIS MEANS FOR CHICAGO MANSION BUYERS

Lower inventory signals that the buyers market is over. Given that sales were above average in the past 2 quarters and that 3 sales is average for a quarter, zero sales in the first quarter is not a sign of weakness in the market.

WHAT THIS MEANS FOR CHICAGO MANSION SELLERS

With a lower inventory of mansions for sale you have less competition than during the past few years. If your home is priced right (i.e. competitively) when it goes on market, it will sell in a reasonable amount of time. Luxury homes do take longer to sell on average than lower priced homes since there is a smaller market for them. Mansions take even longer. The average days on market on a quarterly basis over the past 3 years for all Chicago homes was 147 days. For luxury homes it was 220 days. For mansions it averaged 262 days. If you’re considering selling your home, email me for a free market analysis of your home.

CHICAGO MANSIONS FOR SALE

FOR MORE INFORMATION

^*based on Midwest Real Estate Data (MRED)

1500 N Lake Shore Drive, Chicago, IL 60610

Vintage co-op apartments are for sale at 1500 N Lake Shore Drive in Chicago’s Gold Coast. Here’s a review of the building and photos and details of the apartments for sale. None are my listings.

THE LOCATION

1500 N Lake Shore Drive is at the corner of Burton and North Lake Shore Drive in the very northern part of the Gold Coast. Chicago’s Lakefront is just on the other side of Lake Shore Drive. Lincoln Park is one block to the north. 1500 N Lake Shore Drive currently has a Walk Score of 89, a Transit Score of 83 and a Bike Score of 53. It’s just under half a mile to the Red Line Stop at Clark & Division. See its interactive Walk Score Map below.

THE BUILDING

Built in 1931 the renaissance revival style high-rise designed by architect Rosario Candela houses 57 apartments on 23 floors. Parking is on-site. The rear entrance has a large porte-cochère which can accommodate several vehicles at the same time. The building has an exercise room. Utilities included in the monthly assessments include: cable TV, heat and water.

As is typical with co-ops, an application and interview with the co-op board is required. Purchases must be 100% cash.

THE CO-OP APARTMENTS

1500 N Lake Shore Drive includes 2, 3, 4 and 5 bedroom apartments. Since the building isn’t as narrow as many of the surrounding buildings on Lake Shore Drive, the floor plans aren’t as linear. All of the units have in-unit laundry. The most recent sale was unit 10C, a 4 bedroom that sold in February for $2,100,000.

1500 N LAKE SHORE DRIVE, CHICAGO, IL 60610 WALK SCORE MAP

1500 N Lake Shore Drive, Chicago, IL 60610 Walk Score Map for RSS & Mobile

BUILDINGS SIMILAR TO 1500 N LAKE SHORE DRIVE

ALL CO-OP APARTMENTS FOR SALE AT 1500 N LAKE SHORE DRIVE, CHICAGO, IL 60610
CHECK BACK FOR NEW LISTINGS

FOR MORE INFORMATION

The inventory of listed Chicago condos for sale continues to plummet.^* There were 10,907 condos for sale in Chicago in the first quarter down 28.1% from first quarter 2012 when there were 15,171 condos for sale.

In October I wrote about the 30% drop in Chicago condos for sale in the 3rd quarter. As shown below the inventory of Chicago condos for sale in the 4th quarter set a 3 year low.

Chicago Condos For Sale, Pending and Sold Q1 2010 - Q1 2013

The number of condos sold in the 1st quarter rose 20.3%. Pending sales were up 33%. The median sale price rose 7.7% to $210,000.

WHAT THIS MEANS FOR CHICAGO CONDO BUYERS

Lower inventory, rising prices, rising sales and rising pending sales signal that the buyers market is over. You need to be ready to buy when you find a condo you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring condos. If you’re paying cash, get a proof of funds letter ready to go.

WHAT THIS MEANS FOR CHICAGO CONDO SELLERS

There’s been a lot of press lately about flash (quick) sales in some Chicago neighborhoods. This has significantly lowered the average time it takes condos to sell. The average days on market in the 1st quarter was down a whopping 39.6%! It took an average of 106 days for condos to sell compared to 176 days a year ago. Homes still have to be priced competitively. If your home is priced right when it goes on market, it will sell in a reasonable amount of time. If you’re considering selling your condo, email me for a free market analysis.

CHICAGO CONDOS FOR SALE

Click below to see the Chicago condos for sale in your desired price range. You can narrow the results by internal and external features. Pending sales are excluded.

$3M & Above	$2M to $3M	$1.5M to $2M	$1M to $1.5M
$900K to $1M	$800K to $900K	$700K to $800K	$600K to $700K
$500K to $600K	$400K to $500K	$300K to $400K	$200K to $300K

FOR MORE INFORMATION

^* includes co-ops, lofts, apartments and townhomes